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I totally agree with what you're saying and understand 85% is traded under long term contracts. I mention the spot price from a technical point. Until recently, share prices have trended down in parallel with the spot price, even though the long term price has remained strong.

Therefore, there is a correlation between the spot price and the share prices of uranium companies, even when fundamentals have remained strong such as in BLR'S case.

Based on fundamentals alone, BLR should now be trading at 10c+